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Alliance and Leicester Mortgage Advise

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I've been with Alliance and Leicester for coming up to 2 years so need to get a new deal. At the moment i'm not working and just renting the flat out to cover the repayments which is working out fi… Read More
living legend Avatar
8y, 11m agoPosted 8 years, 11 months ago
I've been with Alliance and Leicester for coming up to 2 years so need to get a new deal.

At the moment i'm not working and just renting the flat out to cover the repayments which is working out fine.

Because i'm not working i gather i'll need to stay with Alliance and Leicester.

Was just wondering if anyone else is with them and has just renewed with them or if anyone is due to renew soon also and what kind of rates you were offered?

Do they ever lower their rates if you say you'll probably go elsewhere or is mortgages completely different and that doesnt work.

Looking for a fixed rate for between 2 -5 years.

Any advise or comments or anyone who has had dealings with A+L of late would be appreciated

On their website it says for existing customers the rates are

2 years fixed - 6.74 with 2% product fee
2 years fixed - 7.24 with £599 product fee

The rates also seem to get higher the longer you want to fix your deal for which seems strange to me, going to give them a phone 2mrw and try and get some info but thought if some people on here could give me a heads up it may help before i call.

My rate just now is 4.6, what is going on!!? Wonder how much extra i'll end up paying per month now! Prob need to have it over something like 35 years instaed of my current 25 yeras to afford the thing!

Thanks in advance for any help
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living legend Avatar
8y, 11m agoPosted 8 years, 11 months ago
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#1
u'll need to speak to a financial adviser who are more on the ball on these things. i read Santander (who owns Abbey) is taking over A&L and merging it with Abbey so maybe it'll be in your interest to find out what will happen in the near/medium term future.
#2
I've had an A&L mortgage for 6 years now, and never had a problem with them. I've changed packages twice, and it's been really easy to do...in fact the last one was done over the phone in about 5 mins.

As kippy says though, speak to an IFA and they'll give you all the options available to you. Just watch the arrangement fees on the A&L mortgages, as ours (that we changed to in April) was about £1800.
#3
Not Sure if you have or not but... what you need to watch is if you are renting out the flat you are supposed to inform your morgage provider and due to that they could insist you have a buy to let mortgage. Im no expert but I know I am with the A+L and it states this in the T&Cs. So may be worth not mentioning the renting etc if they dont already know, obviously that is your choice.

When I took out my mortgage I used London and Country plc as recommended by Martin Lewis MSE. They are a whole of market mortgage brokers it costs you nothing as they get paid by the provider so might be worth trying them just for advise. Hope this helps. Good Luck

http://www.lcplc.co.uk/
#4
[FONT="Comic Sans MS"][SIZE="3"][COLOR="DarkOrchid"]Sorry to be pessimistic, but it seems to be impossible to get a good deal at the moment. I think it will be impossible to change to a new provider if you're not working at the moment. My deals with the Halifax has just come to an end, when I rang them to sort out a new deal, the best they could offer was 0.6% below their normal rate and wanted to charge me £599 for the pleasure! When I said I thought I'd go elsewhere (I've been with them for ages), they just pointed out that there'd be a cancellation fee! And I think my credit rating is quite good. I'm now paying more than £100 a month more. My advice would be to get the best deal you can with A&L, then look around for something better when you start work. Very good luck![/COLOR][/SIZE][/FONT]
#5
try moneyback mortgages (google is your friend) they give you 50% of the commision back, so even if you don't get a good mortgage deal at least you'll get 50% of the commision back in our case this came to over £500. Also you get more back for buy to lets
#6
alfie73
Not Sure if you have or not but... what you need to watch is if you are renting out the flat you are supposed to inform your morgage provider and due to that they could insist you have a buy to let mortgage. Im no expert but I know I am with the A+L and it states this in the T&Cs. So may be worth not mentioning the renting etc if they dont already know, obviously that is your choice.

When I took out my mortgage I used London and Country plc as recommended by Martin Lewis MSE. They are a whole of market mortgage brokers it costs you nothing as they get paid by the provider so might be worth trying them just for advise. Hope this helps. Good Luck

http://www.lcplc.co.uk/



Just what I was about to post - I was a mortgage advisor until I became a full time mummy, and my company took people not reporting their property rented very seriously. Typically, you need your lenders permission before you even do it and have to send in the letting agreement, but if it's already been done, they'll have to give their permission but will want the agreement to make sure its the right kind of tenancy, and their interest in the property is still protected basically.

The rates you get offered as a 'buy to let' customer are different from the normal unlet property rates, normally about 1% higher, but as already stated, its up to you whether you mention it or not but just be careful you don't get caught out. My company had a legal department that checked electorol rolls etc whenever they had post returned marked not at address, a different correspondence address on the system and even if the sales team made an unexpected call to a property and were told 'does not live here'. I don't know whether that's a standard system for all lenders or whether my company were just really really nasty ;-)

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